The Financial Accounting System

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The Financial Accounting System

Businesses need to record transactons in the financial accounting system for practical purposes:

  • To quantify items such as sales, expenses and profit.
  • To present the accounts in a meaningful way so as to measure the success of the business.
  • To provide information to the owner of the business and to other stakeholders(eg the bank manager, who may be providing a loan).

Source Documents - Sources of Accounting Information

Invoices

Credit Notes

Cash Reciepts

Till Rolls

Bank Paying-In Slip Counterfoils

Cheque Counterfoils

Information from Bank Statements

Subsidary Books - Gathering

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